Enterprises are continuing to make strategic decisions without sufficient data to back them up, according to a new report – and it is the frontline employees who are more likely to go without.
The 2020 Global State of Enterprise Analytics report, put together by MicroStrategy, surveyed 500 business intelligence (BI) and analytics professionals across five countries and 10 industry segments. 94% of those polled said data and analytics was important to their business growth. Yet three in five (60%) admitted it took hours, even days, to get the information they needed.
More than half (57%) of those polled said they were on an approximate level with their peers, with 17% saying they were behind. In terms of specific industries, hospitality and government respondents were least sure of themselves, with around a third saying their analytics programs were behind compared with their compatriots.
According to the report, while more than 80% of management had access to analytics, this number dropped to half for frontline workers.
Part of the way in which blockages can be fixed is through self-service BI products. Yet the research found only 7% of respondents use such a tool. Four in five (79%) said they would employ an IT or business analyst if stuck. Naturally, MicroStrategy would condone such an idea given its various analytics and mobility solutions, and suggests the time is right to make the change.
“The last decade’s move to self-service analytics hasn’t proven to be the panacea in developing and delivering a data-privileged, insights-rich organisation, able to make faster and better-informed decisions for the business,” the report notes.
Yet two thirds of organisations plan to increase their investments in analytics over the coming year. Advanced and predictive analytics were the most popular offering and was the only option cited by more than half (59%) of those polled.
Marge Breya, senior executive vice president and chief marketing officer at MicroStrategy, said it was a surprise so many organisations were still ‘winging it’ when it came to data-driven decisions. “We recommend investments go towards building an insights-first culture that rewards data-driven decision-making and continuous transformation – the essential foundation of an intelligent enterprise,” said Breya.
You can read the full report here (pdf, email required).
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